SDJOHNR.T00025082571534T000250Sen. Thune, John [R-SD]THUNERTaxationS Corporation Modernization Act of 2017Short Titles as IntroducedA bill to amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes.Official Title as IntroducedS Corporation Modernization Act of 2017Display TitleS Corporation Modernization Act of 2017(Extracted from GPO) Short Titles as Introduced2017-03-24T05:21:03ZTaxationCapital gains taxCharitable contributionsCorporate finance and managementEmployee benefits and pensionsFinancial services and investmentsIncome tax deductionsIncome tax ratesSales and excise taxesSecuritiesSmall businessTax administration and collection, taxpayersRead twice and referred to the Committee on Finance.2017-03-232017-04-04T14:43:40ZIntroduced in Senate2017-03-232017-03-23T04:00:00Z00Introduced in SenateS Corporation Modernization Act of 2017

This bill amends the Internal Revenue Code, with respect to the tax treatment of S corporations, to:

allow a nonresident alien to be a qualifying beneficiary of an electing small business trust (ESBT), which is a type of trust that is permitted to hold shares in an S corporation;

allow S corporations to increase passive investment income from 25% to 60% without incurring additional taxes;

eliminate a provision terminating the S corporation status of corporations with excessive passive income for three consecutive years;

allow an adjustment to the basis of an S corporation's assets upon the death of a shareholder, in the form of a 15-year amortization deduction; and

extend the time period for making S corporation elections.

]]>2017-03-231152018-05-31T21:51:16Z1122017-03-23ssfi00Finance CommitteeSenate0Read twice and referred to the Committee on Finance.IntroReferralIntroduced in Senate100002017-03-23Library of Congress9IntroReferralS711S Corporation Modernization Act of 20172017-03-23Referred to the House Committee on Ways and Means.HRIdentical billCRS1696115Referred to2017-03-23T18:11:11ZStandingssfi00SenateFinance CommitteeSenate1.0.0C000141Sen. Cardin, Benjamin L. [D-MD]DL.BENJAMINMDCARDINC0001411748287True2017-03-23R000307Sen. Roberts, Pat [R-KS]RPATKSROBERTSR0003078275968True2017-03-23B001230Sen. Baldwin, Tammy [D-WI]DTAMMYWIBALDWIN8215B0012301558False2017-07-26S000770Sen. Stabenow, Debbie [D-MI]DANNDEBORAHMISTABENOWS00077082611531False2017-07-27S Corporation Modernization Act of 2017text/xmlENPursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.Congressional Research Service, Library of CongressThis file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.